Business Combinations (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Preliminary Fair Value of Assets and Liabilities Acquired

The following table summarizes the provisional amounts for acquired assets and liabilities recorded at their fair values as of the acquisition date (in thousands):


Building and improvements	$	425,000
Goodwill		982,667
Tenant relationship value		375,000
Acquired in-place lease value		120,000
Cash and cash equivalents		116,000
Other assets		30,000
Other liabilities		(40,000)
Capital lease and other long-term obligations		(50,000)
Total purchase price	$	1,958,667

We acquired the following real estate during the years ended December 31, 2019 and 2018 (excluding business combinations already discussed in Note 3):

2019 Acquisitions


	Amount
Property Type	(in millions) ⁽²⁾
Land parcels ⁽¹⁾	$	47.7
Technology office ⁽³⁾		28.0
	$	75.7

2018 Acquisitions


	Amount
Property Type	(in millions)⁽²⁾
Land Parcels ⁽¹⁾	$	296.1
Data Centers		114.6
	$	410.7

(1)	Represents currently vacant land which is not included in our operating property count.

(2)	Purchase price in U.S. dollars and excludes capitalized closing costs.

(3)	Property to be redeveloped.

The table below reflects the purchase price allocation for the above properties acquired in 2019 and 2018 (in thousands):


							Above-				Below-		Acquisition
			Buildings and		Tenant		Market		In-Place		Market		Date Fair
Property Type	Land		Improvements		Improvements		Leases		Leases		Leases		Value
2019
Land Parcels	$	47,712	$	—	$	—	$	—	$	—	$	—	$	47,712
Technology office		24,315		3,039		—		—		638		—		27,992
Total	$	72,027	$	3,039	$	—	$	—	$	638	$	—	$	75,704

2018
Land Parcels	$	296,071	$	—	$	—	$	—	$	—	$	—	$	296,071
Data Centers		60,633		54,008		—		—		—		—		114,641
Total	$	356,704	$	54,008	$	—	$	—	$	—	$	—	$	410,712